The Power of the Legal Client – The Tech Savvy Buyer Expects More from Their Law Firms
There can be no doubt that law firms have lagged behind other sectors when it comes to embracing technology. Law firms are however now seeing several drivers forcing them to change and embrace new technology. One of these drivers is the change in buying behaviours.
Across a range of sectors buyers are used to using technology to satisfy their purchasing needs and the legal profession is inheriting the impact of technology used by leading consumer brands to build their reputation, collaborate and sell. Consumers now expect to research, communicate, and transact using technology in their consumption of legal services as in their consumption of other goods and services.
Moreover, buyers of corporate legal services (typically in-house legal departments) are generally exercising greater bargaining power in the client-provider relationship. There are several reasons for the change in the balance of power. The first is the ability and increased willingness to unbundle legal services and source them to the most cost-effective provider. Secondly there is also an increasing availability of alternative options to top law firms has which has increased the competition.
The key missing ingredient, however for the legal client, is transparency of time recording and action taken by law firms on behalf of their client. Improved data from law firms to their clients will result in improved service and understanding, so although this is maybe perceived as part of the power shift away from law firms, law firms should want to embrace this culture.
The day of the captive client has long gone. A company works with a law firm because it has the required expertise, trusted advisors and fees that align with the added value it is seeking.
So, if law firms are to embrace the technology what is it that their clients want from it? When deciding on what law firm to use buyers will be looking for firms who can demonstrate they are embracing technology to deliver a better service. Clients now want a clear and transparent relationship with external lawyers both in terms of the work that is being carried out and the fee structure that is agreed giving them more control both in managing the work and their budgets. The technology used must provide this.
LHQ is a web-based software solution providing the purchasers of legal services and law firms with real time reporting enabling full transparency and management of legal matters and staff by collecting, analysing and reporting on data extracted from law firms’ systems.
For the purchasers of legal services LHQ system provides full transparency of legal costs and the ability to analyse panel firms both horizontally and vertically comparing fee earners, firms and case transaction facilitating a collaborative approach to legal case management. By evaluating data across law firms, corporates will be able to drive up productivity by ensuring the right work is given to the most efficient and effective law firm.
For law firms LHQ provides full transparency of individual case transactions, fee earner and department performance and service delivery affording the ability to truly manage their firm and improve service and profits. LHQ also enables the law firm to provide visibility to their clients of their activity and costs which will in turn improve client satisfaction.
By giving the legal buyer clear real time information, visibility and understanding of the actions and spend of their law firms we are helping shift the balance of power towards the tech savvy legal consumer. At the same time however by using LHQ, innovative law firms will be able to prove their own profitability, bring operational efficiency, develop transparent new business models, get paid quicker and retain their clients for longer.
For more information or a demonstration on the LHQ solution you can either email us at firstname.lastname@example.org or call us on 020 3637 1950.
Our website www.lhq-uk.com provides full and detailed information on our solution.